Convenience Store News: The Top Legislative & Regulatory Moves of 2022
hese are the top 10 legislative & regulatory headlines of 2022, as reported by Convenience Store News Online: 1. Retailers Continue to Push for Passage of Credit Card Competition Act -- The Merchants Payments Coalition and trade associations urge lawmakers to provide relief for small businesses.
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Bangor Daily News: Credit Card Swipe Fees Wipe Out Profits for Small Businesses
Nationwide, credit and debit card swipe fees soared 25 percent last year alone to a record $138 billion and have more than doubled over the past decade. Swipe fees are most merchants’ highest cost after labor — far too high to absorb — and drive up prices by $900 a year for the average family, according to the Merchants Payments Coalition.
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Austin American-Statesman: Soaring Credit Card 'Swipe' Fees are Hurting Small Businesses
Swipe fees are most merchants’ highest operating cost after labor – far too much to absorb – and drive up consumer prices by about $900 a year for the average Texas family, according to the Merchants Payments Coalition.
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Forbes: FTC's Mastercard Ruling is a Victory for Merchants, Consumers and Dodd-Frank
Doug Kantor, General Counsel for the National Association of Convenience Stores and MPC Executive Committee member, says “Mastercard has been particularly egregious at preventing merchants from using other networks.”
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American Banker: FTC Orders Mastercard to Open Tokens to Rival Debit Networks
"Main Street businesses thank the Federal Trade Commission for its work to ensure that Mastercard stops blocking competition for e-commerce debit card payments," said Doug Kantor, general counsel for the National Association of Convenience Stores. "More than a decade after debit reform became law, it is well past time for Mastercard and also Visa and major banks to drop all of their efforts to undermine debit card competition. We look forward to additional enforcement actions to ensure that happens."
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Payments Dive: Card Competition Act Skids Toward 2023
“We are focused on the next session of Congress and look forward to seeing this pro-consumer, bipartisan bill become law next year,” said National Association of Convenience Stores General Counsel Doug Kantor. “With consumers and small businesses increasingly calling on Congress to do something about skyrocketing swipe fees, the question isn’t if this bill will pass but when,” said Kantor, who is also an MPC Executive Committee member. “Lawmakers know swipe fees are out of control and driving up prices for American families at a time when they can least afford it.”
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Modern Retail: Despite Widespread Retailer Support, Bill Targeting Swipe Fees Unlikely to Pass in 2022
Time is running out, which means the proposal would have to be re-introduced next year. “From my perspective, right now, it’s really just a question of when this will pass, not if it will pass,” (MPC Executive Committee member Doug) Kantor said.
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NACS Daily: Swipe Fees Could Cost Consumers $20 Billion This Holiday Season
Rising swipe fees could potentially cost consumers over $20 billion in higher prices for everything from dreidels to Christmas trees this holiday season, according to the Merchants Payments Coalition.
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Motley Fool: Credit Card Swipe Fees Could Cost Consumers $20 Billion This Holiday Season
Credit card processing fees can be a huge burden for merchants -- especially these days, with those fees on the rise. In fact, the Merchants Payments Coalition estimates that rising processing fees could cost consumers more than $20 billion this holiday season.
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Credit Unions Today: Why Won't Santa be Able to Give Children a Barbie Doll or Lego Set This Holiday? Swipe Fees, Say Merchants as they Keep Up the Pressure
With the current session of Congress nearly over, the Merchants Payments Coalition is keeping up its pressure in support of the Credit Card Competition Act, issuing statements and backing advertising that alleges rising card “swipe fees” could “potentially cost consumers over $20 billion in higher prices for everything from dreidels to Christmas trees this holiday season.”
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